Frontline (FRO) Stock Rating Upgraded by Zacks Investment Research
Frontline (NYSE:FRO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Thursday.
According to Zacks, “FRONTLINE LTD’s business strategy is primarily based upon the following principles: emphasising operational safety and quality maintenance for all of its vessels; complying with all current and proposed environmental regulations; outsourcing technical operations and crewing; achieving low operational costs of vessels; achieving high utilisation of its vessels; competitive financing arrangements; and develop relationship to main charterers. “
Separately, Seaport Global Securities set a $7.00 price target on shares of Frontline and gave the stock a “buy” rating in a report on Thursday, January 4th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. Frontline currently has an average rating of “Hold” and an average price target of $5.67.
Frontline (NYSE:FRO) last announced its earnings results on Wednesday, November 22nd. The shipping company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.01). Frontline had a return on equity of 1.70% and a net margin of 0.29%. The firm had revenue of $75.86 million during the quarter, compared to analyst estimates of $78.30 million. sell-side analysts forecast that Frontline will post -0.14 EPS for the current year.
Several hedge funds have recently bought and sold shares of the stock. Evermore Global Advisors LLC boosted its holdings in shares of Frontline by 4.1% during the fourth quarter. Evermore Global Advisors LLC now owns 5,246,017 shares of the shipping company’s stock worth $24,079,000 after purchasing an additional 208,503 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in shares of Frontline during the third quarter worth approximately $244,000. Jane Street Group LLC boosted its holdings in shares of Frontline by 218.0% during the third quarter. Jane Street Group LLC now owns 398,059 shares of the shipping company’s stock worth $2,435,000 after purchasing an additional 272,875 shares during the period. Engineers Gate Manager LP boosted its holdings in shares of Frontline by 243.2% during the third quarter. Engineers Gate Manager LP now owns 36,664 shares of the shipping company’s stock worth $221,000 after purchasing an additional 25,981 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Frontline by 110.6% during the third quarter. Legal & General Group Plc now owns 33,815 shares of the shipping company’s stock worth $204,000 after purchasing an additional 17,759 shares during the period. Institutional investors and hedge funds own 13.23% of the company’s stock.
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Frontline Ltd. is a shipping company. The Company is engaged in the seaborne transportation of crude oil and oil products. Its tankers segment includes crude oil tankers and product tankers. As of December 31, 2016, the Company’s fleet consisted of 28 vessels owned by the Company (seven very large crude carriers (VLCCs), 10 Suezmax tankers and 11 Aframax/LR2 tankers); 13 vessels that are under capital leases (11 VLCCs and two Suezmax tankers); one VLCC that is recorded as an investment in finance lease; four vessels chartered-in for periods of 12 months, including extension options (two VLCCs and two Suezmax tankers); two VLCCs where cost/revenue is split equally with a third party (of which one is chartered-in by it and one by a third party); three medium range product tankers that are chartered-in on short term time charters with a remaining duration of less than two months, and five vessels that are under commercial management (two Suezmax tankers and three Aframax oil tankers).
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